How Does a Turbo Expander Work?
The global turbo expanders market is expected to grow to US$ 570.08 Mn by 2027 from US$ 302.05 Mn in 2017, growing at a CAGR of 6.7%.
 |
| Turbo Expanders |
The world is experiencing a significant rise in demand for energy efficient power generation systems as the power consumption has increased heavily over the past decades. It is anticipated that, the power consumption will grow further with the increased usage in the developed countries as well as in few developing countries. This has led to adoption of turbo-expanders which are highly energy efficient. The turbo expander market is expected to experience significant growth in the coming years due to the increasing demand in industries such as chemical, renewable energy production and other emerging applications, exhibiting substantial market growth. Power recovery or pressure let down and natural gas liquification processes are the largest application of the expander however, the growth of turbo expander in non-industrial applications such as power generation, refrigeration, and others is also rising owing to ongoing improvements in the technology resulting in penetration of the equipment in the market.
The rapid and continued growth in the industrial refrigeration systems has serious economic and environmental consequences. With the increase of refrigeration units in use comes the corresponding increase in energy consumption and environmental impact. As turbo-expanders provide higher cooling efficiencies to the industrial refrigeration systems, these products are being increasingly adopted in various regions of the world. Oil & gas sector is also experiencing volatile demands in the recent times.
The market for the turbo expander is moderately consolidated with few major players sharing the larger pie of the market. Also, major and smaller players are trying to come up with innovative solutions and strategic partnerships as well as different business models to attract a large base of customers. The major companies operating in the market include Air Products & Chemicals, Atlas Copco, Cryostar, Man Energy Solutions, Baker Hughes, Turbogaz, Honeywell International Inc., Elliott Group, R&D Dynamics Corporation, and ACD, LLC among others.
The market for the turbo expander is moderately consolidated with few major players sharing the larger pie of the market. Also, major and smaller players are trying to come up with innovative solutions and strategic partnerships as well as different business models to attract a large base of customers. The major companies operating in the market include Air Products & Chemicals, Atlas Copco, Cryostar, Man Energy Solutions, Baker Hughes, Turbogaz, Honeywell International Inc., Elliott Group, R&D Dynamics Corporation, and ACD, LLC among others.
Comments
Post a Comment